Virginia Real Estate Exam Questions &
Answers Solved Correctly
of the Real Estate Board are appointed by: - ANSWER-the governor
Time period a complainant has to submit concerning a fair housing violation is: -
ANSWER-1 year from occurrence
Fees for issuing, renewing and reinstating are determined by: - ANSWER-The Real
Estate Board (REB).
Prior to a sales contract being signed by a purchaser in VA, a salesperson must
provide: - ANSWER-An agency disclosure.
Which of the following does Not govern how agency is handled in VA? - ANSWER-
Common law.
Division of fees is permitted: - ANSWER-Between brokers.
In VA, a lessor cannot restrict a handicapped tenant: - ANSWER-From making
reasonable modifications at lessee's expense.
After an agency relationship ends, what does the licensee will owe to the client? -
ANSWER-keep confidential all personal information learned during the relationship.
If a licensee fails to provide a termination date within a listing agreement: -
ANSWER-The statutory termination date of 90 days applies.
If a broker changes the address of their principal office: - ANSWER-He/she has 30
days to submit notice of the change to the REB.
If a party dies intestate their estate may be divided as follows: - ANSWER-1/3 of
estate to surviving spouse and 2/3 to surviving children.
The mandatory condition disclosure/disclaimer should be completed by the seller: -
ANSWER-At time of listing the property.
In VA you have died intestate if: - ANSWER-No will. Nuncupative (oral) wills and
holographic wills without the required 2 witnesses would invalid wills.
A licensee must respond to a complaint filed with REB: - ANSWER-Within 15 days.
Deposits to be placed in the escrow account must be in the account: - ANSWER-
Within 5 business/banking days.
, Advertisements for shared living situations are allowed to restrict only concerning: -
ANSWER-Gender
Every principal broker should have readily available to the public: - ANSWER-A
roster of every salesperson and broker assigned to that office.
If an applicant fails the PSI exam, and still wishes to obtain a license: - ANSWER-
Must schedule with PSI to retake the portion of the exam failed.
A licensee that is able to represent and look out for the client's best interests and
attempt to secure the best terms for that client is a - ANSWER-Designated agent.
You, a licensed salesperson, receive a lead from a friend. You want to split your
commission with your unlicensed friend: - ANSWER-This is a violation of the license
law.
A broker must return their license within: - ANSWER-3 days of termination.
A broker returns a salesperson license within: - ANSWER-10 days of termination.
Escrow, Agency paperwork, and Contracts (even the ones that don't settle) are kept
for: - ANSWER-3 years
Upon receiving a Public Offering Statement, the timeshare purchaser: - ANSWER-Is
given 7 days to cancel contract.
A private club, by limiting occupancy of its lodgings to club members, is violating: -
ANSWER-No state or Federal law.
Right of redemption for a tax sale that allows the owner to redeem and keep the
property: - ANSWER-Is equitable and exists prior to the foreclosure.
A contract for sale of Virginia residential property must contain in bold print a
statement concerning: - ANSWER-A right of selection clause. Which is the buyer's
right to choose a settlement company.
When an unlicensed salesperson negotiates his/her first sale of real estate, the
commission is payable only to: - ANSWER-No one but the licensed party.
The minimum amount to be maintained in the Real Estate Transaction Recovery
Fund is: - ANSWER-$400,000.
The doctrine of caveat emptor still applies in Virginia and means: - ANSWER-Let the
buyer beware.
Charging a brokerage fee higher than allowed by state law is known as: - ANSWER-
Nothing. There is no maximum fee.
Answers Solved Correctly
of the Real Estate Board are appointed by: - ANSWER-the governor
Time period a complainant has to submit concerning a fair housing violation is: -
ANSWER-1 year from occurrence
Fees for issuing, renewing and reinstating are determined by: - ANSWER-The Real
Estate Board (REB).
Prior to a sales contract being signed by a purchaser in VA, a salesperson must
provide: - ANSWER-An agency disclosure.
Which of the following does Not govern how agency is handled in VA? - ANSWER-
Common law.
Division of fees is permitted: - ANSWER-Between brokers.
In VA, a lessor cannot restrict a handicapped tenant: - ANSWER-From making
reasonable modifications at lessee's expense.
After an agency relationship ends, what does the licensee will owe to the client? -
ANSWER-keep confidential all personal information learned during the relationship.
If a licensee fails to provide a termination date within a listing agreement: -
ANSWER-The statutory termination date of 90 days applies.
If a broker changes the address of their principal office: - ANSWER-He/she has 30
days to submit notice of the change to the REB.
If a party dies intestate their estate may be divided as follows: - ANSWER-1/3 of
estate to surviving spouse and 2/3 to surviving children.
The mandatory condition disclosure/disclaimer should be completed by the seller: -
ANSWER-At time of listing the property.
In VA you have died intestate if: - ANSWER-No will. Nuncupative (oral) wills and
holographic wills without the required 2 witnesses would invalid wills.
A licensee must respond to a complaint filed with REB: - ANSWER-Within 15 days.
Deposits to be placed in the escrow account must be in the account: - ANSWER-
Within 5 business/banking days.
, Advertisements for shared living situations are allowed to restrict only concerning: -
ANSWER-Gender
Every principal broker should have readily available to the public: - ANSWER-A
roster of every salesperson and broker assigned to that office.
If an applicant fails the PSI exam, and still wishes to obtain a license: - ANSWER-
Must schedule with PSI to retake the portion of the exam failed.
A licensee that is able to represent and look out for the client's best interests and
attempt to secure the best terms for that client is a - ANSWER-Designated agent.
You, a licensed salesperson, receive a lead from a friend. You want to split your
commission with your unlicensed friend: - ANSWER-This is a violation of the license
law.
A broker must return their license within: - ANSWER-3 days of termination.
A broker returns a salesperson license within: - ANSWER-10 days of termination.
Escrow, Agency paperwork, and Contracts (even the ones that don't settle) are kept
for: - ANSWER-3 years
Upon receiving a Public Offering Statement, the timeshare purchaser: - ANSWER-Is
given 7 days to cancel contract.
A private club, by limiting occupancy of its lodgings to club members, is violating: -
ANSWER-No state or Federal law.
Right of redemption for a tax sale that allows the owner to redeem and keep the
property: - ANSWER-Is equitable and exists prior to the foreclosure.
A contract for sale of Virginia residential property must contain in bold print a
statement concerning: - ANSWER-A right of selection clause. Which is the buyer's
right to choose a settlement company.
When an unlicensed salesperson negotiates his/her first sale of real estate, the
commission is payable only to: - ANSWER-No one but the licensed party.
The minimum amount to be maintained in the Real Estate Transaction Recovery
Fund is: - ANSWER-$400,000.
The doctrine of caveat emptor still applies in Virginia and means: - ANSWER-Let the
buyer beware.
Charging a brokerage fee higher than allowed by state law is known as: - ANSWER-
Nothing. There is no maximum fee.
